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Insight Venture Partners Invests $26M Series B in LeanTaaS to Fuel Growth of Healthcare Operations Platform

Predictive Analytics and Machine Learning Technology Lowers Wait Times, Increases Patient Access and Improves Operational Performance

SANTA CLARA, Calif. — Nov. 14, 2017 — LeanTaaS, Inc., a Silicon Valley software innovator that increases patient access and transforms operational performance for healthcare providers, today announced that new investor Insight Venture Partners, a leading global venture capital and private equity firm, has invested $26 million in a Series B round of financing.

“Healthcare is a difficult space in which to bring about radical change,” said Jeff Horing, co-founder and managing director of Insight Venture Partners. “We are impressed by the quality of deep customer partnerships, the product portfolio and the team that LeanTaaS has assembled.”

The company’s solutions — relied upon by more than 40 of the nation’s leading hospitals and infusion centers — use lean principles, predictive analytics, machine learning and the cloud to dramatically improve the patient experience. LeanTaaS customers have reduced wait times for appointments and surgeries by up to 50 percent, increased patient access by as much as 30 percent and improved operational performance up to 20 percent through increased revenue and reduced costs.

The mathematical foundation on which patient appointments are scheduled is fundamentally flawed. As a result, expensive assets like infusion chairs, operating rooms, diagnostic imaging equipment and inpatient beds are commonly over- and underutilized, often on the same day.

LeanTaaS has quickly emerged as the leader in using advanced data science and mathematics to address this perplexing paradox. The company’s patent-pending algorithms help providers do more with existing assets and defer investments in additional staff, equipment and facilities. LeanTaaS solutions also improve surgeon access to valuable operating room time, lower wait times for patients and level-load the day for anesthesiologists, nurses and staff.

“We are privileged to work with many of the leading health systems in the country to demonstrate the impact of combining lean principles, predictive analytics and scalable software to drive significant improvements in operational performance and asset utilization,” said Mohan Giridharadas, founder and CEO of LeanTaaS. “This investment from Insight Venture Partners is a strong validation of our approach and will enable us to dramatically accelerate our growth over the coming years.”

The financing will fund continued investment in the LeanTaaS iQueue platform, which currently consists of two solutions: iQueue for Infusion Centers and iQueue for Operating Rooms. In May 2017, the company also established iQueue Labs, which explores answers to emerging, significant operational challenges in diagnostic imaging departments, emergency departments, pharmacies, labs and inpatient beds. The iQueue platform is a cloud service that works with any electronic health record and requires only minimal assistance by the provider’s internal IT staff to set up and use.

LeanTaaS joins an Insight Venture Partners portfolio that already boasts five companies on Inc.’s annual ranking of the fastest-growing private companies in America.

About LeanTaaS

LeanTaaS provides software solutions that combine lean principles, predictive analytics and machine learning to transform hospital and infusion center operations. More than 40 providers across the nation rely on the company’s iQueue cloud-based platform to increase patient access, decrease wait times, reduce healthcare delivery costs and improve revenues. LeanTaaS is based in Santa Clara, California.  For more information about LeanTaaS, please visit www.leantaas.com, and connect on Twitter/LeanTaaSFacebook/LeanTaaSand LinkedIn/LeanTaaS.

About Insight Venture Partners

Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.

November 14, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

BaseHealth Raises $8.5 Million in Series C Funding

Company uses predictive analytics to uncover rising risk patients within a population

Sunnyvale, California: Oct. 18, 2017 – BaseHealth, the creator of the first predictive, evidence-based, and data-driven population health management solution, today announced that it has received an overall investment of $8.5 million, including $2.5 million from lead investor HBM Healthcare Investments (SIX HBMN), a listed healthcare investment company with net assets over $1 billion.

The investment will be used to further develop BaseHealth’s analytics engine, which is based on peer-reviewed medical literature, curated by physicians and scientists, and enhanced with laboratory, biometric, social, family history and behavioral data. BaseHealth supplements this with retrospective claims and ICD data. The data is then passed through the analytics engine, which uses machine learning and artificial intelligence (AI) to assess patient risk for 43 possible disease threats.

BaseHealth’s approach to population health and value-based care enables healthcare professionals to improve care and reduce the per capita cost of healthcare by identifying the rising unknown risk within their patient population, so they can intervene to both prevent diseases before they start and control them before it’s too late. The “Invisible Patient” is how BaseHealth refers to these individuals. With the right medical intervention at the right time, their healthcare trajectory can be improved.

“Healthcare systems have a lot of data and yet they still have a hard time finding these patients, making it hard to respond proactively to patient care needs,” said Jason Pyle, CEO, BaseHealth. “Our system enables healthcare professionals to assess the unknown risk that exists within their patient population and provide access and critical care needed to both improve our overall population’s health and improve the individual patient’s experience with the healthcare system.”

HBM Healthcare Investments has a track-record of over 100 biopharma and healthcare investments that have resulted in significant value creation by more than 50 trade sales and IPOs since inception.

“We look for companies that are at an advanced stage of development, that are closely tracked and actively guided on their strategic direction. We see a lot of potential in the BaseHealth model in addressing improvements in patient care and controlling costs in the healthcare system,” said Dr. Andreas Wicki, CEO, HBM Healthcare Investments.

About BaseHealth

BaseHealth is the comprehensive predictive analytics company for population health management. The company’s proprietary platform leverages machine learning to sift through millions of medical journals and patient records curated by scientists and physicians to offer healthcare providers the ability to identify patients with underlying risks for 43 chronic diseases and prevent costly treatments before they’re needed. At BaseHealth, we take the guesswork out of risk and population health management and put science in the driver’s seat.

BaseHealth was founded in 2011 by an interdisciplinary team of leading clinical geneticists, healthcare executives, software engineers, and physicians. Learn more at basehealth.com.

October 18, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Survey: 8 in 10 Hospital Leaders Say Predictive Analytics is Important to Future Yet Only One-Third Use It

Lack of appropriate tools and trained personnel ranked as top barriers to adoption

SALT LAKE CITY – Sept. 7, 2016 – Nearly 80 percent of hospital executives believe the future of healthcare could be significantly improved through the use of predictive analytics, a population health management tool that can help providers stay one step ahead of costly problems like preventable readmissions, patient downturns and contracts with insurers that pay less than the cost of providing care. Yet only 31 percent of hospitals have used the technology for more than a year, and 19 percent have no plans to do so.

Those results from an August survey of 136 hospital and health system executives by Health Catalyst point to potentially significant barriers to the adoption of predictive analytics. They may also signal pent up demand for the advanced form of analytics, which has been touted as a solution to many of healthcare’s problems and as key to the development of more effective “personalized” treatments for common diseases such as cancer.

Top barrier to adoption: “Right data or tools”

Both current users and non-users of predictive analytics agree (32%) that the top barrier to its adoption is the lack of appropriate data or tools and infrastructure, according to the survey. That result is not unexpected since producing reliable predictions of future probabilities or trends requires both an accessible and trusted source of data aggregated from multiple IT systems—electronic health records (EHR), financial systems, etc.—as well as analytic applications to drive the predictions and make them easy for front-line staff to use.

Survey respondents said the next most significant barriers to the use of predictive analytics were a lack of people or skills (26%) and a lack of executive support or budget (20%). Few seem to question the effectiveness of the technology; only one respondent said past efforts had failed to show results. And despite the relative youth of predictive analytics technology, confidence in its accuracy ranged from neutral to very strong among respondents. Only 2 percent said the technology produces inaccurate results.

Pent up demand?

Apparently driven by faith in predictive analytics’ ability to deliver meaningful results, demand for the technology appears to be strong among hospital leaders. In addition to the 31 percent of respondents who already use it, 38 percent said they plan to adopt predictive analytics within the next three years. Fourteen percent of that group said they will adopt it in the next 12 months.

Still, nearly one-third of the survey takers are on the fence. In addition to the 19 percent who said they have no plans to use predictive analytics, another 11 percent are unsure whether they will use it in the future or not.

Even among those who plan to adopt predictive analytics, few said they have the budget to allocate significant resources to the effort. Most (37%) are tip-toeing into the space with commitments or planned commitments of 1-3 people devoted to the task of leveraging analytics for predictions. Only 8 percent said they would allocate more than four people to that role.  Thirty-four percent of respondents said they were unsure how many people they would have work in the area.

Preventive care tops list of uses

Both current users of predictive analytics and prospective users agreed (58%) the top priority for its use is to alert caregivers to interventions that may prevent health declines among high-risk patients, according to the survey. Asked to name the top three priorities for the use of the technology, respondents assigned the second and third spots to predicting financial outcomes (such as patient cost or likelihood of patients to pay their bills) (52%), and improving the ability of providers to negotiate contracts with insurers (42%).

Other priorities for predictive analytics identified by survey takers were projecting patient health outcomes and satisfaction (38%) and improving the quality of diagnoses (33%). Falling last on the list of priorities was the forecasting of staffing and supply chain needs (27%).

EHR tops list of preferred data sources

When asked to list the top three sources of data for making predictions, respondents most often selected clinical data from the EHR (80%).  Tied for second as important data sources were claims data and patient outcomes data, both selected by 53 percent of respondents. Financial data was the next most selected category (50%), followed by non-medical patient demographics (22%) and patient satisfaction data (21%).

“Overall, the survey findings point to a growing need within the provider community for solutions that help to identify long-term rising-risk patients who are on their way to becoming high-cost consumers of heath care,” said Levi Thatcher, Director of Data Science at Health Catalyst. “With an ever greater light being cast on system-wide inefficiencies, providers are hungry for analytics that will help them identify and treat these patients before their health deteriorates, both improving their lives and reducing needless spending across the system.”

Methods

Survey results reflect the opinions of 136 healthcare professionals who responded to an online survey in August 2016. Respondents included 34 CEOs; 18 chief financial officers; 26 chief information and chief medical information officers; and a variety of other executive and departmental leadership roles. They work for organizations ranging from some of the nation’s largest urban academic medical centers and integrated delivery networks to small, rural critical access facilities.

About Health Catalyst

Health Catalyst is a mission-driven data warehousing, analytics and outcomes-improvement company that helps healthcare organizations of all sizes perform the clinical, financial, and operational reporting and analysis needed for population health and accountable care. Our proven enterprise data warehouse (EDW) and analytics platform helps improve quality, add efficiency and lower costs in support of more than 70 million patients for organizations ranging from the largest US health system to forward-thinking physician practices. For more information, visit https://www.healthcatalyst.com, and follow us on Twitter, LinkedIn and Facebook.       

September 7, 2016 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Lumiata Raises $4 Million in Series A Financing from Khosla Ventures

The World’s First Medical Graph Aims to Revolutionize Health Care with Big Data Driven Medical Science and Predictive Analytics

San Mateo, California – January 8, 2013 – Lumiata, a provider of predictive analytics around medical science and patient data, announced today that it closed $4 million in Series A financing from Khosla Ventures. This funding will be used to refine and commercialize the health care industry’s first medical graph-­based predictive analytics engine, which is currently being piloted by major hospital networks and health insurance carriers to deliver better­informed patient care.

“There is little debate that health care delivery is lacking today – both in its quality and its affordability. Lumiata has created a new predictive engine to help turn the practice of medicine into a science,” said Vinod Khosla, founder of Khosla Ventures, a leading investor in transformational health care. “Lumiata’s medical graph helps providers ensure they’re giving the right care, at the right time, from the right person so they can deliver better value-­based health to more patients.”

Formerly known as MEDgle, Lumiata’s mission is to democratize medical science so that all kinds of medical staff – from advice nurses, to physician’s assistants, to doctors – can apply higher quality health care at a lower cost. The company collects massive amounts of medical science data, organizes it in rich, inter­-connected graphs similar to Facebook’s social graph, and produces key insights for patient care. Health providers can run anonymized medical records, genetic information or sensor data through Lumiata’s graph to receive hyper­-personalizedpredictions and recommendations for individual patients.

With instant access to Lumiata’s real­-time predictive and prescriptive analytics regarding symptoms, medications, risk factors and diagnoses, first­-line staff can elevate their day­-to­day care. The engine’s guidelines and protocols help nurses easily determine what questions to ask a patient and make knowledgeable decisions before and during a patient visit, such as which labs to order or which procedures to recommend. This approach also maximizes doctors’ productivity by marshaling the finest medical science at their fingertips, so they can determine diagnoses and treatment plans earlier and faster than ever before.

“We believe that data­-driven medical decisions can drive high quality, optimized care at a much lower cost,” said Ash Damle, founder and CEO of Lumiata. “At Lumiata, we’re providing the best of medical science on-­demand with a ‘GPS’­-like health navigation system. First we triangulate an individual’s health, and then we calculate their best routes to getting and staying healthy. These small, but life­-changing insights are the result of lots of sophisticated big data science.”

Behind the scenes, Lumiata’s technology ensures accurate health care predictions by combining the brilliance of the best physicians with the analytic power of big data. The company has crunched over 160 million data points from hundreds of relevant sources – including over seven million pages from textbooks and medical journals, and more than 100 gigabits of public data from the Centers for Disease Control, the National Institutes of Health, the World Health Organization and more – and spent over 20,000 physician hours to confirm the quality of its resulting insights. Its algorithms turn raw data about tens of thousands of symptoms, diagnoses, procedures and medications across ages, genders and lifestyles into curated, usable bigknowledge to dramatically improve the delivery of health care.

Lumiata’s real-­time predictive analytics are available via Application Programming Interfaces (APIs). These APIs can be used to pull both aggregate and specific patient insights into the systems, devices and daily workflows that hospitals and insurers already use during patient interactions. In the future, Lumiata will also leverage its medical graph to give individuals the data they need to optimize their own health and wellness every day.

Lumiata’s management team and advisory board include board­-certified physicians, data scientists, and evidence-­based medical researchers. Its CEO, Ash Damle, founded the company to synthesize fifteen years of research on applying practical artificial intelligence. His background includes developing web-­scale artificial intelligence solutions at Massachusetts Institute of Technology, the U.S. Navy, California’s Department of Corrections and Rehabilitation and J.Crew. In addition, Euan Thomson, investment partner at Khosla Ventures, is joining the company’s board of directors and brings over fifteen years of experience as a scientist, physicist and researcher in the United Kingdom’s health care system.
About Lumiata

Founded in 2013, Lumiata (formerly MEDgle) applies big data­-driven medical science to patient data in order to optimize every health care interaction. The company delivers real­-time predictive analytics that help hospital networks and insurance carriers provide higher quality care to more patients in less time. To produce accurate insights and predictions related to symptoms, diagnoses, procedures and medications, Lumiata developed the world’s first medical graph, which organizes and analyzes hundreds of millions of valuable data points. Lumiata is a venture-­backed company based in Silicon Valley and composed of clinicians, data scientists, and experts in care delivery. More information is available at www.lumiata.com.
About Khosla Ventures

Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in breakthrough technologies in clean energy, mobile, IT, cloud, big data, storage, health, food, agriculture and semiconductors. VinodKhosla founded the firm in 2004 and was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Khosla Ventures is based in Menlo Park, California. More information is available at http://www.khoslaventures.com.

January 8, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Shareable Ink Partners with HealthCo Information Systems to Help Ambulatory Physicians Achieve Meaningful Use

Agreement with Leading Reseller of GE Centricity® Offers Customers an Easy-to-Use EHR Tightly Integrated with Shareable Ink

Nashville, TN and Tualatin, OR (August 13, 2012) Shareable Ink®, the enterprise cloud computing company that transforms handwritten documentation to structured data and predictive analytics, today announced it has partnered with HealthCo Information Systems, a leading GE Healthcare Partner with more than 600 physician practice clients. The partnership enables practices using GE’s Centricity® EHR to achieve the benefits of Shareable Ink Ambulatory Record.  Through this partnership, HealthCo Information Systems customers can now enjoy the best of both worlds: compliance with Meaningful Use (MU) requirements without compromising practice productivity and patient volume in the process. The combined solution addresses the common concerns of physicians who know they need an EHR but are hesitant to deploy a new technology within an established, well-running practice’s operations.

“Shareable Ink enables the easiest capture of the ‘first inch’ of clinical documentation – whether from a patient, nurse or physician – and converts it into structured data that populates GE Centricity EHR fields accordingly,” said Stephen S. Hau, President and CEO, Shareable Ink. “As a reseller for GE Centricity, HealthCo Information Systems is well-positioned to extend the market reach of our easy-to-implement, easy-to-use solution, helping practices achieve MU requirements within existing operations.”

Shareable Ink offers key benefits over alternative ways to enter data into an EHR, such as keyboard or voice options. Both providers and patients utilize Shareable Ink’s natural input tools to capture clinical documentation without compromising productivity. Shareable Ink’s cloud computing platform converts handwritten text and gestures into structured and codified data, which is then delivered to core hospital and practice systems. Shareable Ink Ambulatory Record enables complete visit documentation in the exam room, eliminating the need to go to an office to dictate or type after seeing the patient, and it leverages the inconspicuous nature of pen and paper, so there is no barrier between provider and patient.

“For our large client base, we continuously seek out innovative solutions that can deliver structured and actionable data at any point in the patient encounter – from the waiting room to the exam room – so that providers receive all of the benefits of EHR with none of the pain of change,” said Dustin Wienecke, General Manager of HealthCo Information Systems. “Shareable Ink Ambulatory Record enables our customers to auto-populate the GE Centricity EHR with discrete, useable data from their familiar forms, with minimal training required for providers, staff and patients. This enables them to maintain successful practices now and well into the future.”

About Shareable Ink

Shareable Ink helps healthcare organizations of all sizes transition to electronic health records without disruption to workflow or burdensome IT projects. Its enterprise cloud-based platform incorporates natural input tools, including iPads and digital pen and paper technology featuring Anoto functionality. The resulting structured and clinically-encoded output populates the EHR with discrete data, as if typed in directly. Built-in analytics give hospitals and practices insight into their operations — from a clinical, quality and efficiency standpoint — all previously inaccessible from traditional handwritten records. For additional information, visit www.shareableink.com.

About HealthCo Information Systems

HealthCo Information Systems is a medical software solutions provider specializing in Electronic Medical Records and Practice Management Systems for small to medium sized medical clinics throughout the central and western United States. Founded in 1998, we have made healthcare our only business.  A GE Healthcare Partner, we strive to deliver the best products available that automate the doctor’s office with a seamlessly integrated solution for both the front office and back office.  By partnering with GE Healthcare and implementing GE’s Centricity® Practice Solution for our clients we are able to offer them the security of a multi-billion dollar provider to the healthcare industry with the customer service of a small, agile automated solutions provider.

September 9, 2012 I Written By

MedHOK’s 360ACO® Positions ACOs to Reduce Hospital Readmissions, Benefit From Shared Savings

TAMPA, Fla. – Sept. 5, 2012 – Accountable care organizations (ACOs) that deploy 360ACO® from MedHOK, one of the healthcare industry’s fastest-growing software companies, are well-positioned to reduce hospital readmissions and meet quality outcomes as required to benefit from shared savings under the Centers of Medicare and Medicaid (CMS) program.

MedHOK offers fully NCQA–certified software for HEDIS®, pay-for-performance (P4P) and disease-management-performance measures. The company has more than 18 million lives in production and is on track to double this number within the year.

“Hospital readmissions are a major cost driver in Medicare, accounting for a startling $17.5 billion in additional inpatient spending each year. To combat this, CMS is incentivizing ACOs to take steps to reduce readmissions and improve follow-up care for patients with acute myocardial infarction, heart failure and pneumonia,” said Anil Kottoor, president and CEO, MedHOK. “The challenge for many ACOs will be tracking quality outcomes and facilitating the improved coordination of care necessary for timely interventions. MedHOK’s 360ACO overcomes those challenges and positions ACOs to share in the resulting savings.”

MedHOK’s 360ACO integrates patient information in real time and makes it immediately available to hospitals, physicians and other participating providers. The disease and case management modules allow the ACO to better manage care for high-risk patients, reducing unnecessary utilization and encouraging improved patient self-management. Further, 360ACO enables real-time monitoring of quality performance to ensure the ACO is on target to meet the rigorous quality standards that will allow it to share in any reductions in Medicare fee-for-service expenditures.

MedHOK’s integrated care management, quality and compliance platform facilitates improved clinical outcomes and care coordination while enhancing quality measures, compliance and financial performance. It accomplishes this by:

  • Providing real-time access to Star, HEDIS, P4P, and proprietary quality and performance measures, helping plans and providers to accurately monitor in real-time the data they need to achieve and maintain high-quality ratings
  • Triggering interventions when care gaps are identified, in particular for patients with multiple comorbidities and chronic conditions
  • Utilizing predictive analytics models to generate profiles based on clinical, quality and financial data for member, provider and local populations
  • Calculating risk scores for every member, enabling timely predictions of those at the highest risk and more accurate forecasting of care costs and utilization
  • Continuously monitoring for and addressing regulatory changes from CMS and state Medicaid agencies, ensuring clients stay ahead of the compliance curve

“MedHOK’s 360ACO is an end-to-end technology solution that positions ACOs to thrive in this new environment of care, quality and compliance,” said Kottoor. “By utilizing 360ACO, providers will be able to intervene before readmissions are necessary, resulting in increased savings and improved patient care.”

About MedHOK

Tampa, Fla.-based MedHOK has more than 18 million lives in production and expects to double that number in 2012, making it one of the healthcare industry’s fastest-growing software companies. It offers a cloud-based integrated software platform for care management, quality and compliance that enables physicians, ACOs, PCMHs, payers and TPAs to manage and measure care against national quality standards for optimal outcomes. Its innovative modular software helps healthcare organizations meet quality, care and compliance objectives across business lines by facilitating real-time information sharing with all stakeholders to address disease management and care coordination, clinical quality and utilization review, and quality and financial measures. ICD-10 compliant, HIE-ready and securely accessible on any device, the MedHOK platform is user-friendly, rapidly deployed and easily configurable for a low total cost of ownership and rapid return on investment. It holds 2012 HEDIS®, Pay for Performance and Disease Management performance measures certification.

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